Analysis On Investment And Management Of XT Industrial Investment Fund Under The Background Of State-owned Enterprises

Since the establishment of Bohai Industrial Investment Fund in 2006,industrial investment funds have become more and more supported and valued by the state as a new type of financing.In the process of national supply-side structural reform,industrial investment funds can play a role in optimizing industrial restructuring,accelerating local infrastructure construction,and promoting innovation and entrepreneurship.The government generally participates industrial investment funds in different levels.The government-led industrial investment funds can fully attract social capital to invest industries development and improve the efficiency of the use of fiscal funds.The innovation of this paper is that the selected cases are relatively new.This paper selects the XT industrial investment fund with the background of state-owned enterprises as the case study object,which mainly distinguishes the investment fund fully funded by social capital.The XT Industrial Investment Fund is the first fully-market-operated railway industry investment fund in China initiated by state-owned enterprises(funded by the financial sector)and funded by some provincial state-owned enterprises.70% of the fund is used for direct equity investment in railway projects,and no less than 30% of the funds can be used for market diversification projects.The fund manager is a subsidiary of a state-owned enterprise,and then,the fund management company belongs to the state-owned investment institution.This paper uses the method of field investigation to obtain the first-hand information of the case,mainly using literature research and case analysis methods for argumentation and analysis.Under the background of state-owned investment,this paper mainly analyzes the problems existing in the market-oriented operation of the fund,especially in the management of diversified equity investment projects,and puts forward some countermeasures and suggestions to optimize the development of the fund.In order to better promote the market-oriented operation of the industrial investment funds healthy development.Firstly,the research background and significance are introduced,and the related literature of industrial investment funds are sorted out.Then,from the perspective of fund-raising,investment and management,the XT industry investment fund are mainly the problems existing in the process of investment management: There are some obstacles in the fund investment,and the investment efficiency is not high;the investment income of the exit project is lower than expected,the profitability of the fund is lower than the industry level;the investment decision-making mechanism and incentive mechanism of the company are complex;and the human resources of the business team is insufficient.Secondly,the reasons for the problems are analyzed,mainly: State-owned investment institutions have strict accountability system,management team is unwilling to take risks,industrial investment funds have strong administrative color in investment decision-making,and lack of flexibility in risk management.The incentive mechanism of the management team is restricted by the state-owned enterprises,so it is difficult to put it into place,and the fund management company carries out the strict human resource assessment,and the personnel of the management team changes greatly.The main conclusions of this paper include the following points:(1)the investment efficiency of the fund as a whole is not high,which is related to the strict accountability system of the state-owned investment institutions;(2)the investment decision-making of industrial investment funds under the background of state-owned enterprises has a strong administrative color and lack of flexibility in risk management,which leads to the low investment returns of the funds;(3)the incentive mechanism of the management team needs to be improved,and the talent team needs to be strengthened.According to the above conclusions,the countermeasures proposed in this paper are as follows: to establish a scientific accountability mechanism to stimulate the investment will of the investment team,to reduce the administrative intervention on the investment decision-making of the XT industrial investment fund,to relax the risk,and to improve the overall return of the fund;To establish a group performance-oriented incentive mechanism,strengthen the construction of the company's talent team.